Bank of America Mock Interview

Question 38 of 40 for our Bank of America Mock Interview

Bank of America was updated by Kevin Downey on February 6th, 2023. Learn more here.

Question 38 of 40

If a customer at Bank of America had increased savings as their main personal financial goal, what steps would you take with them to get them started down the right path?

How to Answer
Experienced Example
Answer Example

This question allows your interviewer to gain insight into your knowledge of sound financial savings philosophies. Talk about aspects of a customer's finances that can impact their ability to save. Explain that you would use a logical yet tailored approach with each customer in this situation, according to the values embraced by BofA. As they state on their site, "With the client at the center of all we do, we focus our work, and our organizational structure, on the products and services we offer around the globe to make financial lives better."

"After I got to know the customer's needs, my first step would be to educate them on setting a personal budget that allows for savings. I would take a keen look at their monthly income versus their monthly expenses while taking into account their variable spending each month. Often, customers are dumbfounded by how much they spend wastefully. While the customer makes their final decisions, I can use my expertise to help guide them on their savings journey."

"The first and most important step to this process is helping the customer truly see their financial situation by delving into their income and expenses. Based on that analysis, the customer then decides which of the factors of income and expenses can be altered to increase their savings. From there, I would work with them on the best methods for saving and would take a personalized approach to recommend savings accounts or money market accounts with Bank of America."

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How to Answer: If a customer at Bank of America had increased savings as their main personal financial goal, what steps would you take with them to get them started down the right path?

Advice and answer examples written specifically for a Bank of America job interview.

38. If a customer at Bank of America had increased savings as their main personal financial goal, what steps would you take with them to get them started down the right path?

How to Answer

This question allows your interviewer to gain insight into your knowledge of sound financial savings philosophies. Talk about aspects of a customer's finances that can impact their ability to save. Explain that you would use a logical yet tailored approach with each customer in this situation, according to the values embraced by BofA. As they state on their site, "With the client at the center of all we do, we focus our work, and our organizational structure, on the products and services we offer around the globe to make financial lives better."

Written by Kevin Downey on February 6th, 2023

Experienced Example

"After I got to know the customer's needs, my first step would be to educate them on setting a personal budget that allows for savings. I would take a keen look at their monthly income versus their monthly expenses while taking into account their variable spending each month. Often, customers are dumbfounded by how much they spend wastefully. While the customer makes their final decisions, I can use my expertise to help guide them on their savings journey."

Written by Ryan Brunner on October 8th, 2020

Answer Example

"The first and most important step to this process is helping the customer truly see their financial situation by delving into their income and expenses. Based on that analysis, the customer then decides which of the factors of income and expenses can be altered to increase their savings. From there, I would work with them on the best methods for saving and would take a personalized approach to recommend savings accounts or money market accounts with Bank of America."

Written by Kevin Downey on February 6th, 2023

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